The global market for vision care was
valued at around USD 54.4 billion in 2016 and is expected to reach USD 70.0
million by 2023, growing at a CAGR of around 3.7% during the forecast period of
2017 to 2023. Vision care is defined as the anticipation or prevention of
visual impairment and blindness. These are common problems among the population
and will soon becoming major healthcare challenges. Vision care deals with both
vision and eye related problems, and corrects refractory disorders by prescription
eyeglasses and contact lenses. With growing addiction towards digital world and
technological innovations, vision care products are expected to grow in quality
and quantity in the coming years. High investments from major players of the
market and continuous research for improving the manufacture and supply process
of eyeglasses, lenses, and other eye wear is clearly encouraging the sales in
this market. According to WHOM statistics, in 2014 there were almost 285
million people are estimated to be visually impaired worldwide in which 39
million are blind and 246 have low vision. About 90% of the world’s visually
impaired live in low-income settings. 82% of people living with blindness are
aged 50 and above.

Figure: Global Vision Care Market by Value 2015 - 2023

Rapidly ageing population in the most
developed consumer health markets, rising prevalence of allergies, increasing
exposure to computer or digital screens, changing lifestyle habits, and side
effects of most commonly used medications such as dry eye, age-related muscular
degeneration and allergic eyes are the key driving factors for the growth of
this market. In addition, increasing refractor disorders in children, rise in
innovative customer-centric products and increasing optical network further
expected to propel this market in the coming years. However, there are certain
restraining factors which could hinder the growth of this market includes
restrictions over OTC eye care in emerging markets like China, Brazil, etc.

Geographically, North America is the
leading contributor to the market and is expected to retain its position during
the forecast period due to high awareness, better product availability, well
connected distribution network and large base of patients with greater
affordability. However, Middle East, Africa and Latin America (RoW) market is
expected to grow at a faster rate during the forecast period. This is
predominantly due to increased healthcare awareness, technological
advancements, mandate health insurance and growing awareness among the
population about the treatment options available in the market.

Companies profiled:

§Valeant
Pharmaceuticals International Inc.,

§Novartis
AG,

§The Cooper
Companies Inc.,

§SynergEyes
Inc.,

§Luxottica
Group S.p.A.,

§Essilor
International,

§Johnson
& Johnson,

§Carl Zeiss
Vision,

§Seiko

Report Highlights:

The report delivers a strategic
analysis of the global market for vision care and growth forecast for the
period from 2017 – 2023. The scope of the report includes competitive analysis
of various market players who are operating in the market, segmental analysis
based on type of product. It also covers geographical analysis of the market
with growth forecast for the period of 2017 – 2023. The Porter’s Five Forces
analysis and value chain analysis included in the report provides an insight
into market dynamics and industry competition.

Moreover, the report also includes
growth strategies and entry barriers to be considered to cater to the exact
business opportunities in this market. Additionally, to aid in strategic
decision making, the report also includes competitive profiling of leading
players, recent developments in the industry and various business strategies
adopted by them. This report will help players in global vision care market to
plan and implement their strategies in different market areas such as emerging
geographies, and new technologies.

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